Tuesday 27 Feb 2024
By
main news image

KUALA LUMPUR (Oct 13): Former Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah’s application to strike out a US$6.59 billion suit filed by 1Malaysia Development Bhd (1MDB) against him and former 1MDB president Arul Kanda Kandasamy, has been fixed for Jan 19, 2023.

In fact, the case will now be presided over by newly-appointed Judicial Commissioner (JC) Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan.

Raja Ahmad Mohzanuddin replaced JC Roz Mawar Rozain, a former Securities Commission deputy public prosecutor (DPP), from presiding over the case.

He held case management with other 1MDB- and its former subsidiary SRC International Sdn Bhd-related suits late on Thursday (Oct 13) afternoon.

Irwan’s counsel Lavinia Kumaraendran, when contacted by theedgemarkets.com, confirmed that her client’s striking out application had been fixed for hearing on Jan 19 next year.

1MDB filed the suit against Mohd Irwan and Arul Kanda for alleged breach of fiduciary duty, fraud, conspiracy, breach of trust, and dishonest assistance.

The statement of claim filed in May last year, alleged Arul Kanda and Mohd Irwan are liable for fraudulent breach of duties and fraudulent breach of trust, resulting in the company paying a sum of US$1.83 billion to 1MDB PetroSaudi Ltd, which was converted into stakes in a company called Brazen Sky Ltd, and then converted into an investment in Bridge Global Fund.

1MDB also claims that the duo committed fraudulent breach of duties and breach of trust, which resulted in a payment of US$1.265 billion to the International Petroleum Investment Company on May 9, 2017, as part of a consent award, and US$3.5 billion being misappropriated from the company to Aabar BVI.

In total, 1MDB is claiming US$6.59 billion from the duo, as a result of the purported breach, and an additional RM2.9 million against Mohd Irwan for fraudulent breach of duties and trust resulting in an extension of the employment agreement.

Mohd Irwan has applied to strike out the suit against him on the grounds that it was premature, as the investment of Brazen Sky and the payment of Aabar Investments PJS Ltd were not clearly unsustainable, as the court has yet to determine whether 1MDB suffered losses of US$1.83 billion and US$3.5 billion.

Besides this case, Raja Ahmad Mohzanuddin is presiding and case-managing two other 1MDB related suits and three other SRC International suits, including one against former prime minister Datuk Seri Najib Razak and the other against Umno.

Raja Ahmad Mohzanuddin took his oath as JC on Sept 30.

Edited ByEsther Lee
      Print
      Text Size
      Share